Standard Supply AS — Earnings Release 2023

Apr 24, 2023

Standard Supply AS: Q1 2023 Trading Update and Dividend Proposal

Standard Supply AS: Q1 2023 Trading Update and Dividend Proposal

Oslo, Norway, April 24th 2023

Based on a preliminary review, Standard Supply Group (Standard Supply) expects to report time charter equivalent revenues of USD 7.8 million and an EBITDA of USD 1.4 million in the first quarter of 2023. At the end of the quarter, the Group's consolidated net cash and working capital stood at USD 12.9 million.

The Board of Directors has further resolved to propose a dividend of NOK 0.12 per share. The dividend distribution must be approved at the annual general meeting in June 2023, and further information will be given in due course.

“Our average time charter equivalent earnings (TCE) improved during the quarter, concluding in March at USD 12,900 per day with a utilization of 90%. As we now have seven vessels operating on fixed charters at an average rate of c. USD 16,000 per day, along with a recovering North Sea spot market, we anticipate increased dividends in the forthcoming quarters” says Martin Nes, Chairman of the Board of Standard Supply.

The full Q1 2023 report will be released on May 16th, 2023.

ENDS

For further information, please contact:

CEO Espen L. Fjermestad at +47 95 20 44 93

Chairman of the Board Martin Nes at +47 92 01 48 14

About Standard Supply | standard-supply.com

Standard Supply owns a fleet of nine platform supply vessels (PSVs); three large-sized, one medium-sized and five medium-sized PSVs with 51% ownership interest. Standard Supply will actively seek further growth opportunities and is well positioned to capture improvements in the market with most of the fleet trading in the spot market. The company has a clear ambition to return excess cash to its shareholders.